eBay is getting crushed after announcing weak guidance for earnings in the fourth quarter

Ebay shares slid in after-hours trading on Wednesday after the company reported earnings with guidance for the fourth quarter that was weaker than expected.

The online retailer’s net revenue totaled $2.22 billion versus $2.19 forecast according to Bloomberg.

It said it expects adjusted earnings per share from continuing operations to be in a range of $0.52 to $0.54, near the low end of analysts’ forecast for $0.54.

Also, gross merchandise volume — a key measure of all the transactions that took place across eBay’s marketplace — slightly trailed analysts’ forecasts. GMV totaled $20.1 billion, representing 5% growth when the impact of foreign-currency fluctuations is excluded; $20.3 billion was expected.

The company reported adjusted earnings per share (EPS) from continuing operations of $0.45, one penny more than the median forecast for $0.44.

EBay shares had gained 18% this year through the close of trading on Wednesday.

The company said it added more than one million new buyers, bringing the total to 165 million global active buyers. Revenue at StubHub, the marketplace for event tickets, rose 32% to $263 million.

NOW WATCH: LIZ ANN SONDERS: The most unsettling outcome for the markets would be a surprise Trump win

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.